Global terminal operator International Container Terminal Services (ICTSI) is to raise around US$450 million in capital via a bond issues so it can fund further expansion plans for its global portfolio of container terminals, according to Port Finance International.
The decision comes off the back of an 8% revenue spike for H1, 2015, with takings passing the $550 million mark for this period.
A spokesperson for ICTSI said: “The increase in revenues was mainly due to volume growth at most of the company’s terminals; favourable volume mix and higher ancillary services.”
While ICTSI did not disclose the focus for the latest capital raised via bond issuance, it has previously stated its aims to expand internationally.
The operator has recently sold its stake in Japan’s Naha International Container Terminal for around $880,000 as the group continues to optimise operations and focus more on reducing holdings in other corporations.
